And as I reflect upon Mr. Stern's legacy as the NBA's leader for the last 30 years, I think of 2 words.

Savvy and shrewd.

Without question, his largest business successes were (1) the recognition that stars move the needle and (2) his foresight to aggressively market the international growth of the sport.

Mr. Stern began his role atop the NBA's hierarchy in 1984. At the time, the league was not in the greatest condition financially. Under Mr. Stern's watch, a salary cap system was introduced at the beginning of the 1984-85 season in an effort to minimize the financial disrepair the league faced. Introducing this important measure of cost containment was a necessary evil required to improve the league's degree of fiscal responsibility. As such, credit must be given to Mr. Stern for recognizing the dire straits his league faced from the very onset of his tenure as commissioner.

True that customer demand for the NBA's brand increased rapidly during the 1980s partly because of the great timing associated with the likes of iconic stars like Larry Bird, Magic Johnson, Michael Jordan, and Isiah Thomas all coming into the league and into their own during the 80s and early 90s. Though Mr. Stern received a stroke of luck in that regard, he was still savvy enough to realize the importance of marketing these individual stars in order to maximize fan interest for the NBA as a whole.

In my mind, however, what really sets Mr. Stern apart from other North American sports leaders is the ability to market the NBA brand globally.

NBA revenues during the last full season of play (2010-11) have been estimated at $3.82 billion, and will likely approach $4 billion in 2012-13. It is being reported that this figure is roughly 24-times larger (in nominal terms) as compared to when Mr. Stern began his tenure in 1984. Monetizing the international growth of the sport has been among one of the more key reasons for this tremendous revenue growth. The fact that NBA games are broadcast in over 200 countries and over 40 languages is evidence of this growth.

This list of international stars have made the NBA arguably the second-most global sports brand behind Europe's top soccer leagues...most notably England's Premiere League. With the infusion of such international players into the NBA and with the advancement of digital technologies to consume streaming media, the NBA has become extremely popular in China, Africa, Europe, and even South America. David Stern played a significant role.

And with a new collective bargaining agreement in place that should influence high-spending teams to think twice before incurring massive luxury tax bills, Mr. Stern presided over a final round of labor negotiations that may yield a greater degree of competitive balance to the sport that was previously lacking in historical comparison with other North American leagues.

There have certainly been trying times or controversial matters that have arisen over time as one would anticipate over a 30-year regime:

- And select team relocation decisions that in some instances have rankled select fan bases, most recently in Seattle.

That said, the economic structure of the NBA under Mr. Stern has allowed for small-market teams to find success with a little bit of luck (see San Antonio and Oklahoma City). And assuming that the recent trend of ever-increasing local TV media deals don't render the more penalizing luxury tax rates ineffective in creating a more level playing field (which only time will tell), the seeds are in place for improved future parity which could boost league-wide avidity levels.

And in many of the afore-mentioned controversies, Mr. Stern acted with firmness and purpose in protecting the NBA brand.